Joule Prepares for Global Deployment with Appointment of Proven Industry Experts to Lead Commercial Operations

Joule Prepares for Global Deployment with Appointment of Proven Industry Experts to Lead Commercial Operations

January 23, 2012

Bedford, Mass. – January 23, 2012 – Joule today announced the appointment of two key executives to manage the company's roll-out of renewable fuel production facilities worldwide. Peter Erich has joined as Executive Vice President, General Manager Commercial Operations, and will lead the team responsible for site development and technology deployment. Paul Snaith has been appointed to build and manage the related partnerships as Head of Business Development & Strategy. Both are veterans of the energy industry with long, successful track records in global management, product development and sales at several relevant companies, including Shell. This growing, specialized team will help to enable commercialization of Joule’s fuel products to begin as soon as 2013.

"With our pilot program operating successfully for 18 months, and a facility for our initial phase of commercialization now being built, the addition of these experienced leaders signals the next exciting stage for Joule as we look to deploy our technology worldwide," said William J. Sims, President and CEO of Joule. "Their combined knowledge of production and commercialization derived from many years in the oil industry will prove invaluable to our growth, supporting our transformational technology with the best expertise and resources to execute its global roll-out."

Peter Erich spent more than 20 years at Shell in various senior leadership roles around the world. He served as Vice President, Petroleum Products for Northeast Asia and West Africa; CEO of Global LPG; and as Vice President, Commercial Business for Europe, Russia and Turkey. Following his work at Shell, Mr. Erich was Chief Operating Officer at Nuon, a gas and power company serving more than three million consumers and organizations with 10,000+ employees across the Netherlands, Belgium and Germany. Most recently, he held the role of CEO at Puma Energy International, an integrated midstream and downstream oil company operating in the Americas, Baltics, Middle East and Africa.

Paul Snaith held multiple roles at Shell over the course of 24 years, most recently serving as Vice President, Downstream Marketing for Shell Global Solutions and as Managing Director of Shell Research, Ltd. During that time his responsibilities included leading the technology strategy for Shell's biofuels business. His prior positions with the company spanned leadership of product development, sales, marketing and communications across multiple businesses and regions.

"Joule has a truly unique opportunity with its SolarConverter® system to economically produce fuels in high volumes and in wide-ranging geographic locations, all while converting waste CO2 emissions into valuable products. The latter will be particularly helpful to Joule's expansion plans overseas. It is therefore an exciting time to join the company and build the foundation for its near-term commercialization efforts, beginning here in the U.S. and rapidly expanding worldwide," said Mr. Erich.

"Having researched and evaluated renewable fuel technologies over a number of years, I can attest to the merits of Joule's approach that avoids many of the limitations found with current biofuel processes," said Dr. Snaith. "I look forward to being a part of the team that will take this technology from development to large-scale, global implementation with potentially industry-changing results."

About Joule Joule is advancing a technology platform for Liquid Fuel from the Sun™, expected to eclipse the scale, productivity and cost efficiency of any known alternative to fossil fuel today. Its transformative Helioculture™ platform directly and continuously converts sunlight and waste CO2 to infrastructure-ready diesel, ethanol or commodity chemicals with no dependence on biomass feedstocks, downstream processing or precious natural resources. This process can yield renewable fuels and chemicals in unprecedented volumes with a fraction of the land required by current methods, leapfrogging biomass-dependent approaches and eliminating the economic and environmental disadvantages of fossil fuels. Founded in 2007 by Flagship VentureLabs, Joule is privately held and headquartered in Bedford, Massachusetts. Additional information is available at www.jouleunlimited.com.